Cannabis Execs Discuss How To Navigate Supply Chain Bottlenecks In New Jersey Market

The complexities of the supply chain in the cannabis industry were the focal point of one of the panel discussions at the Benzinga Cannabis Market Spotlight in New Jersey on Monday. The panel, moderated by Lou Magazzu of Weiner Law Group LLP, featured insights from industry leaders who are navigating the intricacies of securing suppliers, managing inventory and forecasting demand in New Jersey.

Addressing Supply Chain Issues From Root

Magazzu set the stage by highlighting the critical nature of supply chain issues. Then, Gabriella Wilday, CEO and co-founder of Molly Ann Farms, a dispensary operator in Haledon, shared her firsthand experiences with the rollercoaster of licensing and operational hurdles post-opening. “The real work starts after you open,” Wilday noted, emphasizing the unexpected challenges in inventory management and demand understanding that new operators often face.

Navigating Infrastructure And Compliance Woes

David Fettner, managing partner at Grow America touched on the broader challenges from a design and build perspective across multiple states, including New Jersey. Fettner, with his deep experience in the industry, pointed out that supply chain issues aren't just about product availability but also encompass crucial infrastructure components like hardware, HVAC systems and lighting, which have been significantly slowed down post-COVID.

Joshua Krane, executive general manager at Garden Greens brought attention to the specific issues faced by cultivators, from delayed supplies to regulatory hoops that ensure compliance but also add time and complexity to operations. Krane emphasized the critical nature of local approvals and necessity of community partnership for successful cannabis operations in New Jersey's cannabis market.

Strategies To Overcome NJ Cannabis Supply Challenges

The panelists concurred that while supply chain issues present significant difficulties, strategic planning is possible while also offering opportunities for innovation. Wilday and Krane both discussed the need for careful inventory management and the importance of understanding market demand to avoid overstocking or understocking, which can severely impact business operations.

As New Jersey continues to adapt its regulations and market structures, the insights shared by these industry veterans underscore the dynamic and often unpredictable nature of the cannabis sector. Their experiences offer valuable lessons for current and future operators in navigating the complexities of supply and demand in a highly regulated market environment.

Benzinga Cannabis Market Spotlight events encourage necessary discussion like this one, offering a glimpse into the strategic approaches businesses are taking at a state level to mitigate risks and capitalize on opportunities in the rapidly evolving U.S. cannabis industry.

Read also: The Green Garden State: All You Need To Know About New Jersey’s Cannabis Market

Photo credits: Corynn Egreczky.

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